L'Oreal Buys Chinese Cosmetics Firm Magic Holdings International

L’Oreal acquired Chinese cosmetics company Magic Holdings International Limited, which marks the beauty company’s largest investment in the country so far. L’Oreal chairman and CEO Jean-Paul Agon said the deal strengthens the company’s leadership in China’s cosmetics market, currently the world’s third largest. Magic, which is China’s leading facial mask manufacturer, reported revenue grew 14 percent to €166 million in 2013. Currently the world’s number 1 beauty brand, L’Oreal reported its sales in China grew 10.2 percent to 13.28 billion yuan in 2013, marking the company’s 13^th consecutive year of double-digit growth rate in the country.